The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company Account Title Debits Credits $ 65,000 160,000 285,000 148,000 320,000 $ 110,000 140,000 Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 60,000 20,000 80,000 30,000 200,000 16.000 400,000 202.000 $1.118,000 $1,118,000 Additional Information: 1. Prepaid expenses include $120,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $30.000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $110,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: a. a $40,000 note due in six months. b. a $100,000 note due in six years. c. a $60,000 note due in three annual installments of $20,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 400,000 shares of no par value common stock issued and outstanding. The corporation has 800.000 shares authorized t 0 TENI OV LOJ ham het te Wermuller Phine Coy December 31, 2011. Include stehes for each casino's an example of a chiedbal anche in the Review Exercise the end of Part of this chapter The the ending balances of accounts at June 10, 2021. for Excell Company, Debits Credits B3.000 65,000 Short-term investments Accounts receivable (net) 280,000 Prepaid expenses for the next 12 months) 32,000 Land 75.000 Buildings 320,000 Accumulated depreciation--buildings $ 160,000 Equipment 265.000 Accumulated depreciation-equipment 120.000 Accounts payable 173,000 (continued) CHAPTER 3 The Balance sheet and Financial Dictures Debits Account Title Accrued liabilities Notes payable Mortgage payable Common stock Retained earnings Totals Credits 45.000 100.000 250.000 100.000 122.000 $1.120.000 $1.120.000 Additional Information: The short-term investments account includes $18,000 in U.S. treasury bill purchased in May. The bills mature in July, 2021 2. The accounts receivable account consists of the following: a. Amounts owed by customers $225,000 b. Allowance for uncollectible accounts trade customers (15,000) c. Nontrade notes receivable (due in three years) 65,000 d. Interest receivable on notes (due in four months) 5,000 Total $280,000 3. The notes payable account consists of two notes of $50.000 cach. One note is due on September 30, 2021. and the other is due on November 30, 2022 4. The mortgage payable is a loan payable to the bank in semiannual installments of $5,000 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. 5. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares have been issued and are outstanding. 6. The land account includes $50.000 representing the cost of the land on which the company's office building resides. The remaining $25,000 is the cost of land that the company is holding for investment purposes. Required: Prepare a classified balance sheet for the Excell Company at June 30, 2021. Include headings for each classifica tion, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter. The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company Account Title Debits Credits $ 65,000 160,000 285,000 148,000 320,000 $ 110,000 140,000 Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 60,000 20,000 80,000 30,000 200,000 16.000 400,000 202.000 $1.118,000 $1,118,000 Additional Information: 1. Prepaid expenses include $120,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $30.000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $110,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: a. a $40,000 note due in six months. b. a $100,000 note due in six years. c. a $60,000 note due in three annual installments of $20,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 400,000 shares of no par value common stock issued and outstanding. The corporation has 800.000 shares authorized t 0 TENI OV LOJ ham het te Wermuller Phine Coy December 31, 2011. Include stehes for each casino's an example of a chiedbal anche in the Review Exercise the end of Part of this chapter The the ending balances of accounts at June 10, 2021. for Excell Company, Debits Credits B3.000 65,000 Short-term investments Accounts receivable (net) 280,000 Prepaid expenses for the next 12 months) 32,000 Land 75.000 Buildings 320,000 Accumulated depreciation--buildings $ 160,000 Equipment 265.000 Accumulated depreciation-equipment 120.000 Accounts payable 173,000 (continued) CHAPTER 3 The Balance sheet and Financial Dictures Debits Account Title Accrued liabilities Notes payable Mortgage payable Common stock Retained earnings Totals Credits 45.000 100.000 250.000 100.000 122.000 $1.120.000 $1.120.000 Additional Information: The short-term investments account includes $18,000 in U.S. treasury bill purchased in May. The bills mature in July, 2021 2. The accounts receivable account consists of the following: a. Amounts owed by customers $225,000 b. Allowance for uncollectible accounts trade customers (15,000) c. Nontrade notes receivable (due in three years) 65,000 d. Interest receivable on notes (due in four months) 5,000 Total $280,000 3. The notes payable account consists of two notes of $50.000 cach. One note is due on September 30, 2021. and the other is due on November 30, 2022 4. The mortgage payable is a loan payable to the bank in semiannual installments of $5,000 each plus interest. The next payment is due on October 31, 2021. Interest has been properly accrued and is included in accrued expenses. 5. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares have been issued and are outstanding. 6. The land account includes $50.000 representing the cost of the land on which the company's office building resides. The remaining $25,000 is the cost of land that the company is holding for investment purposes. Required: Prepare a classified balance sheet for the Excell Company at June 30, 2021. Include headings for each classifica tion, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter